[QUOTE=billscamaros;393156]
Quote:
Originally Posted by Sieg
Just ran a conservative scenario in the Schwab's retirement planner without my wifes current income or retirement, factoring retirement age of 65, life expectancy of 80..........it's projecting a surplus of $439,000. ......QUOTE]
Out of curiousity, what's your thought process to determine the "surplus"? This is the way that I've looked at it ....
I'm 52, have a mortgage, one kid in college and two more to go.
I"ll work until at least 65.
I don't believe that anything in my current lifestyle will change drastically .... yeah, I'll get the kids thru college, but something else will come up.
So, my goal for my retirement income is to have it equal to my current income. That retirement income will be a combination of SS, pensions and interest/dividends from my retirement accounts.
Is that essentially the way you guys calculate your needs?
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Somewhat, but you also have that big variable....Health... That is an asset you must keep working on. Keep fit, Doctor's visits.. I know it sounds corny, but that variable has sunk more retirement plans than any other variable..
Some say you can make it on 80%, but i would project 100% income in retirement..
If you don't need it or spend it, reinvest it.
And good on keeping the HOME out of the income mix... That is another nest egg that should something happen, you have something there too..
The best laid plans can turn to poo, with one medical situation.. So stay safe and healthy, and good luck in your plans..
